GEORGETOWN, Guyana, CMC—On Wednesday, the Egypt-based African Export-Import Bank (Afreximbank) reiterated its commitment to supporting the Caribbean Community (CARICOM) region in realizing the full potential of its natural resources.
“We are delighted to be a Diamond Sponsor of the Guyana Energy Conference and Supply Chain Expo. This event provides an invaluable platform for fostering dialogue and collaboration within the energy sector, a critical driver of economic growth in Guyana and the wider Caribbean region,” said Afreximbank’s Executive Vice President, Intra-African Trade and Export Development, Mrs. Kanayo Awani.
The Guyana Energy Conference and Supply Chain Expo (GECSCE) will be held from February 18 to 21, and Awani said Afreximbank’s participation “is in line with our intra-African trade strategy and Global Africa initiative that mandates our intervention in the African diaspora.
She added, “We look forward to exploring opportunities to contribute to Guyana’s energy development through our innovative financing products, solutions, and partnerships. ” The bank maintains a presence in the Caribbean with an office in Barbados serving the 15-member CARICOM region.
It said 12 out of 15 CARICOM countries are Afreximbank member states, reflecting the bank’s commitment to its “Global Africa” agenda. This agenda aims to unite all Africans, irrespective of geographic location, in addressing the challenges of the global economic order and unlocking shared growth and prosperity.
Speaking at the ceremony, Anthony Whyte, chairman of the Guyana Energy Conference, underscored the importance of Afreximbank’s participation, especially as the region grapples with the challenges of financing sustainable development.
“For more than three decades, Afreximbank has been a leader in providing innovative financial instruments that have accelerated transformation across Africa,” Whyte said.
“With a commitment to deepening its connections and trade relations with the Caribbean region, the financial institution has approved a limit of US$1.5 billion for financing within the CARICOM states. This will increase to US$3 billion when all 15 CARICOM countries sign the partnership treaty.
“With Afreximbank at our conference, it signals to the world that it is committed to helping regional economies such as ours achieve their sustainable growth and trade expansion mission. I certainly look forward to their invaluable contributions, which will undoubtedly strengthen the business community’s blueprint for success,” Whyte added.
He said that Afreximbank’s support is certainly not a standalone show of commitment, as the financial institution has also led investment missions to CARICOM, which have resulted in pipeline deals totaling over two billion US dollars to date.
He said these include small and medium enterprise support and development in The Bahamas, tourism revitalization support in Barbados, tourism projects in Grenada, renewable energy projects and trade finance in Saint Kitts and Nevis, and climate adaptation interventions in St. Lucia.
Whyte said in the case of Guyana, Afreximbank has proven that it is ready to support Guyana’s economic transformation as it had exchanged a loan proposal of US$500 million with local authorities while hosting its 31st annual meetings in The Bahamas in June last year.
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